Movers and SHAKERS
E.W. Scripps Company (SSP)
The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nationï¿½s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
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Sale of Stitcher announced. The company announced the sale of its podcasting business, Stitcher, to Sirius XM for a total price (which includes earn outs) of $325 million, better than expected. The price includes $265 million in an upfront cash payment and $60 million in earn outs, spread over 2 years. Net proceeds are expected to be $210 million in the first year and $45 million over the next two years, which will be earmarked for debt reduction. The transaction is expected to close in Q3.
Nexstar executes option. Nexstar announced plans to purchase WPIX TV from E.W. Scripps for predetermined price of $75 million. The transaction is expected to close in Q4. The company is expected to use the ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.